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Nexidia builds its compliance capabilities for financial services

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Summary

Nexidia’s latest enhancements to its core Interaction Analytics platform focus on adding capabilities to address risk and compliance issues within regulated environments such as financial services and healthcare. These targeted features will bring benefits to cross-functional enterprise audiences by making it easier to mitigate risk exposure related to noncompliance.

Seeing the compliance department as a demonstration case to the contact center

Nexidia’s speech analytics technology is intuitive and easy to use, even for building advanced queries and alerts to find specific pieces of relevant audio across massive volumes of interactions, both in real time and post-call. One solution for a specific business problem – compliance management – mitigates risk by using interactions to identify exposure and instigate workflow processes and rules designed by end users. These functions allow regulated environments to meet or exceed regulator requirements and allow for full audits on the steps taken to rectify lapses.

In February 2015 Nexidia debuted Advanced Compliance Management, an extension of the Interaction Analytics suite targeted at supporting the regulatory requirements of financial services companies. As Advanced Compliance Management evolves, other regulated verticals such the healthcare industry will likely leverage its capabilities.

The solution allows an analyst – in this case a dedicated risk or compliance expert – to explore the content of financial traders’ conversations, searching for discussion topics that should be flagged for closer attention or vetting. This has value well beyond the financial services market: when users in contact centers or other customer-dependent roles can quickly isolate specific conversational data points within large pools of audio, they can quickly identify and manage potential issues before they metastasize into broader problems.

In this release, Nexidia applies longstanding features to more focused compliance and risk management scenarios. Most important is the ease with which a nontechnical user can quickly build sophisticated queries to find conversations that meet multiple criteria. The user interface has been streamlined to allow for drag-and-drop process and workflow design.

Nexidia’s efforts are making speech analytics a friendlier and more useful part of a business user’s go-to toolkit for finding hidden problems. Compliance is an arena where adherence to rules is essential; Nexidia appears to be using its expertise in interaction analytics to demonstrate the value of aligning business issues with business data generated in the contact center and allowing users to focus on relevant details among huge aggregations of data.

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